Weir Group, the Scottish pumps and values manufacturer, and Essar Energy, the London-listed Indian oil and power group, are worth following over the next couple of weeks:
Late on Wednesday night, MSCI announced the results of its semi-annual index reshuffle and Weir and Essar are both being added to one of the widely followed MSCI indices.
The index team at SocGen calculates tracker funds will need to buy 10m shares in Weir (10 days average volume) and 15.4m shares in Essar (15 days average volume) before the changes become effective at the end of the month.
Across all of the various MSCI’s (developed and emerging markets) indices the reshuffle will trigger $4.5bn of buying and $3.2bn of selling, according to SG.
And here is the full list of European companies being added and removed from MSCI World Index.
Adds:
Amadeus IT(AMS SM) Bekaert (BEKB BB) Brenntag (BNR GY) Essar Energy (ESSR LN) Industrivarden C (INDUC SS) Kabel Deutschland (KD8 GY) Lanxess (LXS GY) Prosieben Sat1 Media (PSM GY) Transocean (RIGN VX) moves from US line Weir Group (WEIR LN)
Deletes:
Banca Popolare Milano (PMI IM) Bank Of Piraeus (TPEIR GA) Gamesa Corp Tecnologica (GAM SM) Ipsen (IPN FP) Mediolanum (MED IM) Nobel Biocare Hldgs Inh (NOBN VX) SSAB Svenskt B (SSABB SS)